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Mylab’s op revenue nosedives to under Rs 100 Cr in FY23, slips into losses

EntrackrEntrackr · 1y ago
Mylab’s op revenue nosedives to under Rs 100 Cr in FY23, slips into losses
Medial

Adar Poonawalla-backed Mylab thrived during the pandemic (FY21 and FY22) when the demand for covid related testing and other services skyrocketed. In the subsequent fiscal year ending March 2023, however, MyLab’s scale nosedived around 64% as the world returned to normalcy. Furthermore, a steep fall in demand also led the Pune-based firm to book sizable losses in FY23 against profits in FY21 and FY22. While the company achieved a 100X growth to Rs 825 crore in FY21, its scale dwindled to Rs 95 crore in FY23, Mylab’s consolidated financial statements filed earlier this week with the Registrar of Companies show. Mylab Even as the company remained profitable in FY22, Mylab’s scale has been on a downward trajectory since then. In FY22, the operating revenue was already down 68.4% to Rs 260.71 crore. Founded in 2016, Mylab develops and sells diagnostic kits for clinical diagnostics. Similar to FY21 and FY22, the sale of such kits continued to be the sole source of operating revenue for Mylab in FY23 The company also added Rs 29 crore from interest and miscellaneous sources tallying the total income to Rs 124 crore in FY23. On the cost side, the manufacturing of kits formed 27% of the total expenditure. In the line of decreasing scale, this cost was reduced by 60% to Rs 50 crore in FY23. The firm’s burn on employee benefits, legal fees, advertising, royalty, conveyance, and other overheads took its total expenditure to Rs 185 crore in FY23 from Rs 250 crore in FY22. See TheKredible for the detailed expense breakup. The decline in scale and fixed overheads led Mylab into losses for the first time in the last three reported fiscals. The company recorded a loss of Rs 47 crore in FY23, compared to a Rs 16 crore profit in FY22. Its ROCE and EBITDA margin worsened to -18% and -24.19%, respectively. On a unit level, it spent Rs 1.95 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin 14.81% -24.19% Expense/₹ of Op Revenue ₹0.96 ₹1.95 ROCE 11.42% -18.01% Much like online edtechs, online healthcare also seems to have vastly underestimated the fight in offline firms that missed out during the pandemic. Be it schools and other institutions in the case of edtech, in healthcare too we have seen offline diagnostic labs and institutions fight hard to claw back share and revenues from the diagnostics market that online firms had grabbed during the pandemic. It’s a battle they understand well with first access to patients in many cases, and we are already hearing of cases where many clinics and hospitals insist on their test lab result. Doubts have also been raised on the credibility of test lab results that are picked up at home and analysed subsequently. Mylabs test kits and ancillary services model has faced these problems, and come up severely short, going by the look of things. The firm needs a better diagnosis for its own survival, and growth plans.

Vimano raises Rs 25 Cr in seed round led by Ankur Capital

EntrackrEntrackr · 3m ago
Vimano raises Rs 25 Cr in seed round led by Ankur Capital
Medial

Vimano raises Rs 25 Cr in seed round led by Ankur Capital Nanotechnology startup Vimano has raised Rs 25 crore (around $3 million) in its seed round led by Ankur Capital. This is the first investment from Ankur Capital’s new third fund. The proceeds will be used to help them grow their team, start pilot projects, and set up manufacturing. Started in 2019 by Murari Ramkumar and Dr. Nagesh Kini, Vimano makes special membranes used in energy systems like redox flow batteries, fuel cells, and green hydrogen production. These membranes help store and use energy more efficiently. Its technology aims to reduce the cost of green hydrogen and make long-term energy storage cheaper. Vimano works on clean energy problems by making special materials that help electricity flow better. Its membrane technology can be changed to fit different uses, making it more useful and powerful. These membranes also waste less energy and last longer than many others available today. The startup is working with partners in the energy space to test and use its tech in real-world projects. According to Vimano, it aspires to speed up the shift to green energy and support industries looking for better ways to store and use clean power. In August last year, Ankur Capital had received commitments from two of its existing Limited Partners into its third fund. Since its inception, the VC firm has been backing deep technology innovations companies such as Captain Fresh, String Bio, Vegrow, Offgrid Energy Lab, BigHaat, Cropin, and Niramai.

Edtech startup PhysicsWallah to launch 26 Vidyapeeth offline centres

Economic TimesEconomic Times · 1y ago
Edtech startup PhysicsWallah to launch 26 Vidyapeeth offline centres
Medial

Edtech unicorn PhysicsWallah on Friday said it is launching 26 offline centres across India, in as many cities. The centres are called PW Vidyapeeth. Currently, the Noida-based startup has 67 centres operational in 38 cities. The offline centres will offer a curriculum for engineering and medical entrance examinations. “By expanding our tech enabled offline Vidyapeeth Centres across cities, our goal is to ensure access to quality education for students in their own towns, eliminating the need for them to relocate to education hubs in distant cities,” said Ankit Gupta, CEO of the startup’s offline centres vertical. The company had reportedly rolled out 50 offline centres in May this year, with an investment of around Rs 82 crore in technologies. In July, it launched the PW Institute of Innovation (PW IOI), a four-year residential programme in computer science and AI.Founded by Alakh Pandey and Prateek Maheshwari, PhysicsWallah gained unicorn status last year, when it raised $100 million in its maiden funding round from WestBridge Capital and GSV Ventures, at a valuation of more than $1.1 billion. For the financial year through March 2022, it reported standalone operating revenue of Rs 232.48 crore, a nine-fold increase from the previous year. Net profit for FY22 increased to Rs 97.8 crore from Rs 6.93 crore. Also read | Upskilling companies see brisk business as K-12, test prep stall The broader offline play Post-pandemic, edtech startups have been reeling under the pressure as demand for online and digital education in the K-12 and examination preparation has gone down. This has prompted players such as Byju’s, Unacademy and Vedantu to invest in offline centres.While Unacademy announced multiple rounds of layoffs, it also expanded its offline centres from 10 to around 58, in the first half of 2023. Vedantu also counts its hybrid centres as one of its key growth levers. The Tiger Global-backed startup had bought a majority stake in offline test prep business Deeksha for $40 million. ET had reported in December about how major edtechs across the board are expected to move away from the K-12 business model and focus on priorities such as a bigger offline play in 2023. In Byju’s case, its 302 offline tuition centres across 143 towns also double up as office spaces. Each has an office room for sales staff. This has helped ease the Bengaluru-based startup’s real estate spaces consolidation plans that have gone hand-in-hand with its layoffs. Experience Your Economic Times Newspaper, The Digital Way!Front PagePure PoliticsCompanies & EconomyCompaniesLearn more about our print editionMoreRIL may Sell 8-10% More in Rel Retail VenturesReliance Industries is likely to sell another 8-10% stake in Reliance Retail Ventures Ltd (RRVL) to fund expansion, retire debt and prepare for the initial public offering of the conglomerate’s retail business, two senior industry executives aware of the plans said.Brics Set to Add 6 New Members from N Africa, Gulf and LatAmBrics is set to add heft to the grouping of emerging economies as it announced on Thursday the inclusion of six new members, including India’s key partners in the Gulf and North Africa, a development that Prime Minister Narendra Modi described as a message that “all global institutions need to transform considering the changing times”.Strong Signals from Investors, Vi may Get Much-needed Cash SoonVodafone Idea (Vi) is closer to tying up its much-delayed equity funding with chief executive Akshaya Moondra informing the Department of Telecommunications (DoT) that the telco has term sheets from several potential investors. Read More News onphysicswallahoffline centresedtechunicornvidyapeeth centres Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox. InvestingGQG Partners rescues Adani stocks from Deloitte fiasco. But primary fundraise is a bigger issue.Under the lensHow Ireo’s Lalit Goyal allegedly siphoned off INR1,800 crore to his offshore entitiesEconomyThe phoenix-like rise of private capex, and why we should thank ‘creative destruction’ for this

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